2023-06-03 11:01:08
Recently, a very interesting article was published by Rena Shah, the former director responsible for the Binance.US exchange. Shah, who now works at Trust Machines, a company that develops Bitcoin apps wrote about the futility of bitcoin price predictions. Because on a daily basis you can run into predictions regarding the change in the price of bitcoin. If it’s a long weekend, it’s because the FED publishes some number, it’s because the price of Ethereum jumps, it’s because.
There is something better than predicting the price of bitcoin
Those who have been in the ecosystem for a long time either do not care about bitcoin price predictions, or simply use them to support their own opinion. And you really see a variety of predictions from $1 million to total collapse. Especially since the next bitcoin halving is not even a year away. Shah suggests that the focus should be on predictions of bitcoin transaction fees instead of pointless wild price predictions. Because then, instead of click-baiting headlines, you could actually find those moments when users could try out new usage options at low transaction fees. Or developers could be helped to scale Bitcoin layers better.
And this has never been more important than now. With interest around the Bitcoin blockchain skyrocketing, Ordinals NFTs, BRC-20 tokens, and more and more new protocols, Bitcoin’s average daily transactions have reached record highs. In May, the average number of transactions was 586,000 was abovethe average transaction fee reached 7 dollars. According to Shah’s prediction, this value could be up to ten times that soon. Thus, Bitcoin’s second-layer solutions will become particularly important. At the same time, the transaction fee becomes more important for a Bitcoin user than how much a coin costs per se.
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